Being a guarantor for a family memeber for a rented flat

Primrose2004

Hi, I wonder if anyone can help? A family member has asked if oh or I will be guarantor on their rented flat. It is brother in law and has gf that are asking. They need a guarantor as they are both full time uni students. They can't ask either of their parents as they're not home-owners and we are the only family who are home-owners(albeit mortgaged).

My question is apparently the letting agents just check if we are bankrupt or have ccjs, which we don't. But will their search go on our credit file and what impact could being guarantor have on us, aside from the obvious if they don't pay we'll end up liable?

I don't know why but i'm a bit 'twitchy' about being guarantor. Possibly to do with our debts as you see in my signature, but these are all in control atm, no missed payments or anything.

Primrose2004

sorry i forgot to add, also might be twitchy as I just found out brother in law was made bankrupt and gf has ccjs:eek: but how can we say no?

bristol_pilot

Just say no. It is perfectly possible for students to rent without guarantors. It will most likely cost you thousands and you will never see your money again. Plus a big family bust-up. Don't do it.

Lance

There are a few threads about this on here. Mainly 'guarantors' left with large bills and asking for advice on how to avoid them but finding out they cannot. If your brother in law does not pay the rent or causes damage YOU will pay and lose deposit. With them both being students and already a bankrupt and ccjs I would run a mile!

clutton_2

AS a LL i would be most hesitant to even consider these two folks, bankrupt and CCJs, at all... if you as family are hesitant about backing them, why would you think a complete stranger (a LL) should ?

Sorry, but going bankrupt has consequences.. this is one of them...

Folks think it is an easy option... its not

If they want education, then i suggest they get part time work and study as well...

After all.. if they are applying for student loans theyare going BACK into the world of debt AGAIN..

As others have said... this will impact on the whole family if it goes wrong

I would say that you cannot commit yourself as you dont have the funds... and leave it at that

Yes the search will go on your credit file - but should do no damage

[Deleted User]

I don't think that a guarantor needs to be a home owner to be a guarantor. I've certainly had guarantors in the past that have not been home owners, the only info apart from a signature that was asked for by the letting agent was a copy of their pay slips to show that they had an income.

They need to go to another letting agent or into Uni accomodation.

The only time you, or anyone, should agree to be a guarantor for anyone else is if you can afford and are happy to completly cover the costs if the worst case senario happens and you are left to foot the whole bill. By what you have suggested, you can't afford it and you don't feel happy about it.

Don't do it.

Primrose2004

they do both have part-time jobs. I've just called the letting agent to see who can be guarantor as frankly it's quite a scary prospect. I'm not saying I think BIL/GF will run off without paying the rent but there is always a but what if...........

and finding out he's been made bankrupt was a bit of a shock!!

FYI them needing a guarantor is because they are students and I doubt very much the letting agent has been told about the bankruptcy or ccjs. But they are now a major sticking point for me and frankly i'm not sure I can do it, but I know if we don't they probably won't be able to get a flat as all letting agents will want a guarantor.

Not once did I say a landlord should just take them on, far from it, finding out they have br and ccj's, I wouldn't touch them either, which I think probably says it all:(

Primrose2004

Domino9 wrote: »

I don't think that a guarantor needs to be a home owner to be a guarantor. I've certainly had guarantors in the past that have not been home owners, the only info apart from a signature that was asked for by the letting agent was a copy of their pay slips to show that they had an income.

They need to go to another letting agent or into Uni accomodation.

The only time you, or anyone, should agree to be a guarantor for anyone else is if you can afford and are happy to completly cover the costs if the worst case senario happens and you are left to foot the whole bill. By what you have suggested, you can't afford it and you don't feel happy about it.

Don't do it.

I called the agent to see who could be guarantor and only full time employed and home owner for these people.

and yes you're right I don't feel happy about it and it's the br and ccj's that have tipped the balance. I need to speak to oh and see his view. I had no idea bil had been made br

clutton_2

You clearly have a lot of misgivings about this.....


This is the crux for me

"" I doubt very much the letting agent has been told about the bankruptcy or ccjs."


a) OP thinks they may not be honest

b) the letting agent WILL find out and will turn them down because they lied

for these two reasons... DONT do it


Depending on the type of tenacy agreement you COULD also be held responsible for rent for the whole house as most agreements make each person liable for the whole rent if one or more of the other occupants leave...

PasturesNew

Worst case scenario: brother-in-law and gf split up 2 weeks after moving in, BIL stops paying his half the rent, gf also stops paying her half. Then the LL comes after you. But gf moves in bf2, who deals crack - and has his mates over most nights, spilling stuff on the carpets, breaking random items through clumsiness. LL comes after you.

Just lie, say you'd need to be credit checked and right now you know you'll fail, so they're better off asking somebody with good credit. Make out there's some banking error/problem and you've been refused stuff already yourself, so if the LL got a bad report back he might not want them.

Either lie, or accept the fact you could end up with a £10k bill. So, can you lie convincingly for £10k? I know I could!

Primrose2004

I don't think they've had to mention their financial status/br/ccjs as the issue for the agent requiring a guarantor seems purely to be that they are students/ I didn't mean to imply they had given the agents false info on purpose.

Their mention of the br/ccjs was purely by accident, gf mentioned them and my face did this:eek: and she tries to sweep it away like oh shouldn't i have said that, erm probably not when asking us to guarantee you!!!

The rent is for a flat in a block so it would just be their rent, but that is a minor point really because if they did run off without paying I don't have the £425 a month to pay. End of. so I really shouldn't be even considering it.


Thank you everyone for your opinions. They have just backed up my own thoughts. And i just briefly spoke to oh who doesn't want to do it either!!!